QROPS (Qualified Recognised Overseas Pension Scheme) is a way to retake control of your UK NHS Pension. Whether you have already left the UK or intend to do so, a QROPS allows you to unlock your pension and reap the rewards you have worked hard for. Anyone who has worked in UK (even as a non-UK citizen) may be eligible for a pension transfer.
QROPS can benefit your family
UK annuities usually end when the recipient dies, and don’t leave any extra money for their family or beneficiaries. It is possible to arrange one that will continue paying after your death, but it would increase the cost and reduce your income. With a QROPS, on the other hand , your fund won’t vanish when you die. Instead, you can pass it on to your loved ones QROP’S are not usually subject to inheritance tax. This means you should be able to pass the entire pension fund on to your beneficiaries free from UK inheritance tax. Moving your pension plans abroad can also support a claim that you are no longer considered subject to UK inheritance tax, which should mean your beneficiaries do not pay UK inheritance tax on anything they inherit from you. You can nominate beneficiaries when you set up your QROPS, which will simplify and speed up the process of paying your loved ones.
A QROPS transfer can provide substantial benefits for you as a pension holder including
Flexible investment options
100% of your pension to your nominated beneficiary on death
Your pension is out of the UK and at no risk of being consumed by current pension crisis
Shariq Saleem MBA (Leeds, UK)
12084,Prestige Wellington Park, Jalahalli, Bangalore 560013